STONK surges 250% to $140 million market cap as stock-paired Solana launchpad StonkFun pulls volume to Raydium and Jupiter

STONK, the token associated with Solana launchpad StonkFun, surged on Sunday after the platform announced an integration with Raydium's LaunchLab.

The token traded near $0.16 around 4:30 p.m. ET, up more than 250% over the last 24 hours, per CoinGecko data. Its market capitalization stood at roughly $140 million, with about $135 million in daily trading volume. STONK earlier on Sunday reached its all-time high price of $0.212 before giving back some of its gains. 

StonkFun allows users to create tokens paired with other assets, including tokenized stocks and exchange-traded funds. Its own STONK token is paired with SPYx, a token from Backed designed to track the S&P 500 through the SPDR S&P 500 ETF. The platform also lists pairs involving other cryptocurrencies, currencies and commodities.

Pairing a token with SPYx would mean traders exchange it against the tokenized ETF in that pool. The token's dollar price reflects both SPYx's value, which itself tracks the S&P 500, and the token's own exchange rate against SPYx, which changes as traders buy and sell. The token's price can therefore fall even when the ETF rises, and the pairing gives holders no claim on the underlying shares.

While a memecoin paired with SPYx trades against a tokenized ETF product, the pairing does not itself give the memecoin holder a claim on shares of the fund. StonkFun's stock pairings use products with different rights from conventional shares, including xStocks, which are issued by Backed Finance and provide exposure to underlying equities without ownership or shareholder voting rights. Kraken announced an agreement to acquire Backed Finance in December 2025.

Raydium integration

StonkFun announced on Saturday that new deployments would launch through Raydium's LaunchLab, "with cheaper deployment costs, reduced sniper risk, and compounding liquidity after bonding." 

LaunchLab, similar to other token launchpads, initially only lets buyers and sellers trade against a bonding curve. Once a token reaches a graduation threshold, its liquidity migrates to a Raydium pool, where trading continues through Raydium and other aggregators. Raydium introduced LaunchLab in April 2025, shortly after Pump.fun launched its own decentralized exchange, PumpSwap.

Raydium's native token RAY and DEX aggregator Jupiter's native token JUP also rallied on Sunday. RAY traded around $1.27, up roughly 46% over the last 24 hours, while Jupiter's token gained about 21% to $0.27, per The Block's price data.

Buybacks and launch changes

StonkFun also manages a token buyback program funded by trading fees. The project's flywheel page says a share of trading fees from v3 pools goes toward buying and burning the platform's 10 largest tokens by market capitalization. Purchases are weighted by market cap and run every few minutes.

Currently, tokens paired with ZCash (ZEC), Hyperliquid (HYPE), and Bittensor (TAO) occupy the top three slots. 78 different tokens have been bought and burned through the program, according to the project's website. 

The LaunchLab integration follows some user complaints about the platform's token launches. In a Sept. 2 post, StonkFun said the update would address sniping, single-wallet launches and deployment costs. It also said it had temporarily increased maximum developer buys to discourage snipers.

The platform drew attention from Solana's official X account on Friday, which replied to a StonkFun post: "We stand behind Stonk Tokens."